KUALA LUMPUR, Nov 7 — Prime Minister Tan Sri Muhyiddin Yassin is optimistic that the country’s economy will continue to grow under Budget 2021 that spells out many extraordinary incentives, as well as creates many new job opportunities.
He said almost RM28 billion of the RM322.5 billion total budget was allocated in the form of subsidies and incentives, among others, making Malaysia a major destination for foreign investment, as well as generating employment opportunities for locals.
“Subsidies are important so that we can determine the target groups such as farmers, fishermen, smallholders, as well as rubber tappers, and the informal sector to continue doing business.
“The measures that we have taken (under stimulus packages) have given some relief, where almost 11.6 million people who have received assistance will continue to be assisted.
“Besides that, our economy is expected to grow so that employment opportunities will not be affected,” he said in a special interview on Astro Awani which was telecast live tonight.
The Prime Minister said almost 860,000 persons were currently unemployed in the country.
Muhyiddin urged the private sector to continue to be a supporter of the country’s economic development as it has done for a long time.
He said the government has taken approaches to assist the private sector through moratorium, which involves financial institutions in providing loan repayment assistance so that companies and small and medium enterprises can remain in business.
The Prime Minister said the incentives targeted at the private sector such as manufacturing, tourism and construction were also provided.
“If you look at the budget presentation by the Minister of Finance yesterday, almost all sectors benefit (from the incentives and assistance), including the small and medium enterprise sector.
“This is an important step so that we can continue (assisting them) and we’ll monitor (them) closely,” he said.
Muhyiddin said the government would detail the implementation and delivery of Budget 2021 incentives after getting Parliamentary approval. — Bernama